I got one of the classic jackets for my 18th birthday. The first thing I wore it for was a week of lambing, and it was my primary coat for the next 20 years. It doesn’t smell of BO (or sheep). If you wash, wear deodorant, and air it properly then there's no reason why it should. I really should send it off for rewaxing and repair because I did get behind on the maintenence and it has a few small tears.
I bought myself one of the long ones for my 50th, and it gets a lot of compliments. Keeps my legs dry better than the short one. Heavy, though.
A friend of mine inherited her grandfather's, when it was over 70 years old and very battered. The repair service did a great job.